IQ Merger Arbitrage ETF (MNA) Performance
MNA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.1% since Dec 31, 2025
- 1 year
- +3.0% total return
- 5 years
- +2.5% a year
- 10 years
- +2.8% a year
- Since first price
- +2.7% a year since 2009
MNA trailing returns vs SPY, QQQ, AGG
| Period | MNA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.1% | +0.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.9% | +0.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.6% | +1.6% | +7.8% | +8.4% | −1.5% |
| YTD | +3.1% | +3.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +3.0% | +3.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +19.1%+6.0%/yr | +17.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +13.3%+2.5%/yr | +11.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +32.1%+2.8%/yr | +27.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +65.7%+3.4%/yr | +56.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 17, 2009 | +56.8%+2.7%/yr | +46.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MNA vs SPY
From Nov 17, 2009: MNA grew to $15,685, SPY to $92,182.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MNA returns by calendar year
12 of 16 full years positive. Best 2025 (+8.6%), worst 2021 (−3.2%). 2026 is year to date.
MNA annual returns table
| Year | MNA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +3.1% | −1.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +8.6% | −2.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.9% | −2.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +0.2% | −3.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −1.6% | −6.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −3.2% | −5.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +2.7% | −16.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +4.7% | −3.0% | +31.2% | +39.0% | +8.5% |
| 2018 | +2.1% | −4.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +6.0% | −1.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +4.6% | −2.9% | +12.0% | +7.1% | +2.4% |
| 2015 | +1.5% | −5.8% | +1.2% | +9.4% | +0.5% |
| 2014 | +5.2% | −3.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.5% | −3.0% | +32.3% | +36.6% | −2.0% |
| 2012 | +2.6% | −6.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −0.5% | −9.6% | +1.9% | +3.4% | +7.7% |
| 2010 | −1.8% | −7.2% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MNA largest drawdowns
Now 0.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 24, 2020 | −16.7% | Mar 18, 2020 | Sep 29, 2020 | 54 days | 8 months |
| Apr 23, 2010 | −11.9% | Aug 8, 2011 | Jul 18, 2013 | 1.3 years | 3.2 years |
| Apr 26, 2021 | −10.7% | Jun 16, 2022 | Jan 15, 2025 | 1.1 years | 3.7 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MNA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +5.7% | +2.5% | +2.7% | +2.7% |
| Volatility (annualized) | 2.8% | 3.3% | 4.7% | 4.8% |
| Sharpe ratio | 0.42 | -0.32 | 0.11 | 0.31 |
| Sortino ratio | 0.64 | -0.40 | 0.15 | 0.43 |
| Best month | +1.9% | +1.9% | +4.1% | +4.1% |
| Worst month | −1.8% | −2.0% | −8.6% | −8.6% |
| Best 12 months | +11.9% | +11.9% | +11.9% | +11.9% |
| Worst 12 months | +2.3% | −4.8% | −7.6% | −7.6% |
| Positive months | 75% | 63% | 63% | 60% |
| Beta vs S&P 500 | 0.01 | 0.07 | 0.12 | — |
| Correlation with S&P 500 | 0.04 | 0.31 | 0.38 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MNA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 192 | −7.6% | +2.6% | +11.9% | 73% |
| 3-year (a year) | 168 | −2.4% | +3.2% | +5.9% | 86% |
| 5-year (a year) | 144 | −0.0% | +2.7% | +5.3% | 99% |
| 10-year (a year) | 84 | +1.7% | +2.7% | +3.7% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
MNA performance overview
IQ Merger Arbitrage ETF (MNA) returned +3.0% over the past year and +2.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +2.7% a year, turning $10,000 into about $15,685. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −16.7%, from Jan 24, 2020 to Mar 18, 2020, and it took 6 months to get back to the old high. MNA finished 12 of its 16 full calendar years with a gain; the best year was 2025 (+8.6%) and the worst 2021 (−3.2%). Volatility has been 4.8% a year.
Related: MNA chart. See the MNA overview for the latest quote and fund facts.
MNA performance FAQ
What is the MNA return over the past year?
MNA returned +3.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 3.0%.
What is the average annual return of MNA?
MNA has returned +2.5% a year over 5 years, +2.8% a year over 10 years, +2.7% a year since November 17, 2009 (total return, distributions reinvested).
How much would $10,000 invested in MNA be worth?
$10,000 invested in MNA at its first recorded close on November 17, 2009 would be worth about $15,685 on October 23, 2026 with distributions reinvested.
What was the worst year for MNA?
The worst calendar year was 2021, with a total return of −3.2%. The best was 2025 at +8.6%.
What is the biggest drawdown of MNA?
The largest peak-to-trough decline was −16.7% between January 24, 2020 and March 18, 2020. It recovered to the old high on September 29, 2020, 6 months after the bottom.
How volatile is MNA?
Over the past 3 years MNA had an annualized volatility of 2.8% and a Sharpe ratio of 0.42 (excess return over 1–3 month T-bills per unit of risk).